Singapore Home Sales Inch Higher in Sign of Residential Recovery

(Bloomberg) -- Private-home sales in Singapore rose in February, one signal the market may be recovering from cooling measures implemented last year.

Developers sold 455 units, a 4.4 percent increase on January’s 436, the Urban Redevelopment Authority said in a statement Friday.

In July, the government imposed higher stamp duties and tougher loan-to-value rules to choke off a sudden bout of exuberance. That had the desired effect with private residential home prices in the city-state posting their first decline in six quarters in the three months to Dec. 31.

In other highlights from the report:

• The number of new apartments launched for sale in February was 596, compared with 498 in January and 101 in December, a month typically slower due to the holiday season
• Top selling projects included Stirling Residences and new luxury condo The Tre Ver. Developments that released significantly more units than were actually sold included Affinity at Serangoon and Artra in Alexandra

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Sam Mamudi

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